25 Oct 2018 Marsha Tusk
Nasdaq Successfully Wins Blockchain Patent For Newswire Content Delivery
The second-biggest stock exchange in the world, based on market capitalization, filed the patent application back in January 2017. In the paper documentation, Nasdaq’s blockchain-based platform is described as “a computer system for securely releasing time-sensitive information.”
The platform is designed to utilize the use of small contracts, which aims to ensure the right information is available to the right users at the right time.
Furthermore, according to the project documentation, when a user submits a document to the system, a blockchain transaction is generated and submitted to the blockchain-based on the document. An editor may edit the document, and an approver may approve the document for release to the recipients.
Nowadays, newswires and press releases, and other forms of digital content are being pre-set at a time point and then sent automatically to news outlets. The Nasdaq platform is promising to increase the effectiveness of digital content distribution significantly. Also, it is expected to be much cheaper and prevent data losses.
According to the patent papers, the platform will be programmed to send information to specific users at a set time or if an event occurs, thanks to utilizing smart contracts. Security is also included in Nasdaq’s newswire platform – scripts will need at least two digital “signatures” to start operating and gain access to the time-sensitive information. Once users get authenticated on the blockchain, data will be sent to them at the scheduled time.
Nasdaq marks yet another step towards interaction with blockchain and cryptocurrencies. In June, the company conducted a test of a blockchain proof-of-concept system for collateral. The USPTO hasn’t yet announced its decision about the pending patent.Blockchain Cryptocurrency exchange Nasdaq Stock Exchange